CA Foreclosure-Deficiency judgement

Posted by Don Lessbey on August 03, 2006 at 21:06:56:

I just re-fied 2 months ago and now im going through a divorce, and there is no/little equity left in the home to try and sell it. I cant afford the payment and child/spousal support, so I want to turn the home back to the bank. Im worried that they will try and get a deficiency judgment against me. Is this possible? Or will they just take the home and it will just ruin my credit? I want to work with the bank, but I dont want to owe anything after the fact if I let it go. What are the financial risks here?

Follow Ups:

• Re: CA Foreclosure-Deficiency judgement - Jim V 23:59:40 08/03/06 (4)
  • Re: CA Foreclosure-Deficiency judgement - Don Lessbey 07:06:15 08/04/06 (3)
    • Only if your lender suspects and can prove fraud [nt] - RSI 07:51:06 08/04/06 (2)
      • Assistance with Housing Issue - Rich Kelley 23:31:04 08/08/06 (0)

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: I just re-fied 2 months ago and now im going through a divorce, and there is no/little equity left in the home to try and sell it.  I cant afford the payment and child/spousal support, so I want to turn the home back to the bank.  Im worried that they will try and get a deficiency judgment against me.  Is this possible?  Or will they just take the home and it will just ruin my credit?  I want to work with the bank, but I dont want to owe anything after the fact if I let it go.  What are the financial risks here?


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